Property Overview & Key Characteristics
This is a compact, century-old home (built 1925) on a notably spacious lot for its inner-city Burrows Central neighbourhood. The land area of 3,426 sqft is well above average for the street and area, offering significant outdoor space relative to the home's modest 707 sqft living area. A key feature is the renovated basement, adding functional space. There is no garage or pool.
Its primary appeal lies in the land value and potential. The combination of a lower assessed value, a recent renovation below ground, and a large lot presents an opportunity for buyers comfortable with a smaller, older home footprint. It would suit a pragmatic first-time buyer, an investor looking for a land-value play with existing rental income potential, or someone seeking a lower-cost entry into homeownership with space for future expansion, like a garden, workshop, or addition.
Frequently Asked Questions
1. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is highly recommended to determine the quality of the renovation, its compliance with building codes, and whether it creates a legal secondary suite or simply improved living/storage space.
2. Why is the assessed value so much lower than typical city homes?
The assessed value reflects the property's market characteristics: its very small living area, older age, and neighbourhood. It's actually around average for its immediate area, indicating it's priced for its specific market segment rather than being an outlier.
3. Given the small living area, is the house livable for a family?
With only 707 sqft above grade, the living space is compact. Its viability depends on the basement renovation. If the basement is a legal, finished living space, it could accommodate a small family. If not, the home is likely better suited for individuals, couples, or as an investment property.
4. What are the implications of such a large lot?
The lot is a standout feature. It provides ample yard space, which is uncommon in older neighbourhoods. This could allow for gardening, recreational space, or future property improvements like a garage, shed, or even a home addition, subject to local zoning bylaws.
5. How do the recent sale prices compare?
The home sold for $17,500 in 2019 and $12,100 in 2017. The 2019 price is close to the current assessed value, suggesting a stable, low-value market for this type of property in the area. It indicates a market driven more by land value and fundamentals than rapid appreciation.